US, Taiwan announce new trade initiative

By Ovunc Kutlu

ANKARA (AA) - The US and Taiwan announced a new trade initiative after Taipei was excluded from an economic initiative.

"The US-Taiwan Initiative on 21st-Century Trade" aims to deepen economic and trade ties between the two sides, advance mutual trade priorities based on shared values and promote innovation, the Office of the United States Trade Representative said in a statement.

Some key bilateral areas will focus on trade facilitation, regulatory practices, agriculture, anti-corruption, small and medium-sized enterprises, digital trade, state-owned enterprises and supporting the environment and climate action.

The first meeting of the new initiative is expected later this month in Washington.

Taiwan was excluded from the Indo-Pacific Economic Framework (IPEF) launched by the US, White House National Security Adviser Jake Sullivan said May 22.

US President Joe Biden formally launched the IPEF in Tokyo the following day, during his tour of South Korea and Japan.

The US' goods and services trade with Taiwan totaled an estimated $105.9 billion in 2020, with $39.1 billion in exports and $66.7 billion from imports, according to the Office of the US Trade Representative.

Taiwan was the US' ninth largest goods trading partner with $90.6 billion in goods trade during 2020.